The $2.9bn fine handed down to Goldman Sachs over their role in #1MDb scandal is hugely welcome, so to is news of individual protection.

However - serious questions remain to be asked about UK enforcement and regulators

Here& #39;s why https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts">

(THREAD)

FCA & PRA both handed $63m fines to Goldman Sachs& #39; London subsidery GSI . Final notices reveal:

- GSI was "arranger, initial purchaser and underwriter" of #1MDb transactions
- The bank& #39;s $547 million profit from #1MDb was booked to GSI (with all but $91m transfer priced out)

In 2013, GSI senior personnel in London were told about possible bribery in the #1MDb deal. The FCA notice lays out a series of serious failings at GSI in relation to this alleged bribery - failing to deal with the allegations adequately or escalate them to & #39;control functions& #39;.

Not the only London connection - a crucial meeting between key intermediary Jho Low (currently being sought by US prosecutors) and the Goldman employees facing prosecution in the US took place here in 2012.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts"> Did regulators and enforcement properly consider investigating and prosecuting GSI for failure to prevent bribery?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts">Why haven& #39;t they announced any action against these & #39;senior personnel& #39; based in GSI in London for serious failings such as reviewing & #39;approved person& #39; status?

Regulatory fines are not enough to deter corrupt activity where criminal fines can be imposed. @freehills event survey of lawyers working on corporate crime this week showed close to 70% agree that companies and banks need to be held criminally liable.

Regulatory action is particularly inappropriate where there are widespread failings across a firm. @goldmansachs is already under investigation through a review ordered by the @pra into whether its regulatory reporting is adequate: https://www.ft.com/content/2b04f78e-2fcf-11ea-a329-0bcf87a328f2">https://www.ft.com/content/2...

Individuals in positions of responsibility also need to face consequences for the kind of serious failings @fca and @pra uncovered at GSI in the #1MDb case.